Albuquerque, June 12, 2024 (GLOBE NEWSWIRE) -- The Global Corporate Cards Procurement Market has expanded significantly in the past few years due to some major factors including the usage of magnetic stripe cards, improved banking techniques, ATM connections growth, the arrival of contactless cards, rising mobile payment apps, etc. The blend of these factors propelled today’s businesses and individuals to adopt digital payment methods.
Hence, according to ELINT Market Research’s procurement market analysis, the corporate cards market is expected to develop at a 7.3% rate by 2026. Also, the analysis calculated a substantial $40 billion market size in 2022 for this sector. Moreover, the corporate cards industry is constantly embracing modern innovations like IoT-based devices, enhanced security standards, biometric identification, mobile wallets, sustainability of payments in the long run, and more.
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Advancement of Digital Payments and Globalization Drive Corporate Cards Market Growth
Ongoing adoption of digital or online transaction techniques drives massive growth in the global corporate cards industry. Worldwide businesses are creating cashless payment environments in their offices and encouraging employees and other people to use corporate cards. With this transition, companies are able to monitor and control their workers’ day-to-day spending. Further, increasing globalization is another significant aspect to propel development in the corporate card sector. Worldwide businesses are conducting trading and currency conversion activities, and digital payment systems can help them foster financial relations effortlessly.
Key Highlights for the Corporate Cards Market
- Corporate card solutions assist organizations keep track of digital financial segments for their businesses such as workforce expenditures, travel expenses, purchases, and other transactions linked to their company. Therefore, these sophisticated payment methods satisfy the evolving demands of modern enterprises, while also providing increased productivity and openness in financial processes.
- Diverse types of cards are available in the international corporate cards market including prepaid, debit, credit, etc. which help users to spend on several things like electrical devices, personal goods, pharmaceuticals, food items, groceries, restaurant bills, trips, and entertainment.
- Consumers can obtain corporate cards from various distributors such as banks, financial institutions, commercial credit companies, techfin associations, and more.
- Businesses utilize some major sourcing strategies to meet their corporate card solutions needs. These methods include either receiving corporate cards from a single vendor or multiple vendors. They can choose any method to facilitate their financial operations.
- This procurement market research exhibits a substantial cost savings and rebate method, which generally possess 30bps-150bps or 0.30%-1.5% values in the corporate cards market. This percentage shows a part of the total transaction volume using which consumers can pick the appropriate card provider.
- Corporate card industry participants can usually employ two types of contract models. The short-term contract method remains for 1-2 years and lets consumers do quarterly price revisions. Further, the long-term contract model stays for 3-5 years and helps stakeholder’s foster partnerships for an extended period.
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Corporate Cards Market Regional Dynamics
North America is expected to be the dominant country by 2031 in the global corporate cards market due to the constant adoption of digitization by consumers. Thus, a transition towards paper and cashless payments in the key region i.e., the U.S. encouraged buyers and suppliers to use commercial payment cards.
Furthermore, Asia Pacific’s provinces like China are also expected to hold the biggest share by 2026 in the global corporate card industry. Thus, APAC countries can reach USD 900 Bn by 2026. Further, China owns around 59% of the global travel business shares, which caused the requirement for travel cards in this territory; hence, corporate card services providers experience enormous expansion in APAC regions.
Notable Developments in the Corporate Cards Market
- Expansion in smartphone utilization propels the worldwide population to acquire digital payment solutions using convenient mobile apps.
- Corporate card procurement intelligence companies offer tailored and personalized transaction solutions to consumers. Hence, users can customize cards depending on their particular needs, preferences, and market dynamics.
- A few of the noteworthy trends that can appear by 2026 in the international corporate card industry include cashless trades, usage of digital wallets, cryptocurrency integration, biometric verification, and subscription-based pay.
- Following the COVID-19 outbreak, a progressive expansion in credit card utilization has been seen, and this rise fuels the corporate card market growth.
- Presently, different types of card networks emerging in the global corporate card sector and are highly employed by people. These famous card networks include MasterCard, VISA, Amex, etc., which draw corporate card businesses attention that are seeking effective expense management systems.
- Technology strategies assist businesses in integrating card data with their company’s ERP and P2P systems and efficiently streamline expenditure handling operations. Further, this technological method provides handy features such as real-time expense monitoring, automatic data gathering, reconciliation, submitting reports, reducing human mistakes, implementing regulations, and independence from P2P or ERP systems, etc.
- An increase in e-commerce products gave rise to the usage of corporate cards. These e-commerce platforms allow the buying and selling of goods or services using digital payment modes. Thus, consumers can employ several types of online transaction methods like UPI or card payment and make purchases.
- TD Bank in the U.S. launched a subscription-based card with zero interest in May 2023 and offers a higher level of payment flexibility to users. With this step, TD is demonstrating its dedication to meeting the varied demands of its customers in the credit card market by emphasizing incentives, adaptability, and ease of use. This credit card represents a substantial shift from conventional credit card formats and is the first of its kind to be introduced in the United States.
Key Suppliers in the Corporate Cards Market:
Leading companies in the worldwide business or corporate cards market include CITI, American Express, AirPlus, Barclaycard, US Bank, ING Bank, HSBC, and Bank of America.
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Important Questions related to the Corporate Cards Market Report
1. What are the leading segments in the global corporate card market?
Some of the notable segments in the global corporate cards market include credit cards, retail debit cards, travel cards, entertainment cards, B2B payment cards, and more.
2. What valuation is expected for the corporate cards sector by 2031?
ELINT Market Research’s procurement intelligence tools predicted USD 334552.18 million worth by 2031 for the corporate cards industry.
3. What are the key segmentation factors for the corporate card market?
Card types, application types, card distribution channels, and regional analysis are the major segmentation factors for the international corporate cards sector.
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